KPDL has a strong brand recall in Pune. Despite new entrants launching (eg. around Life Republic) and other financially sound brands entering its home turf, it has demonstrated decent sales velocity in FY19. Management expects the momentum to continue (and guided for 18-20% YoY growth) and will focus more on volumes (in tune with peers) as price is expected to remain sticky. We remain constructive and maintain BUY. Key Risks: (1) Aggressive competition by peers, (2) High interest rates and (3) Further debt bloat up. We maintain BUY with SOTP based TP of Rs 311/sh. We have cut our FY20/21E EPS by 25.4/14.0% to factor in a delay in projects moving into revenue recognition under IND AS 115.